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Capital Gains on Second Home

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R

rubydoodle

Guest
What is the name of your state?
South Carolina
We have refinanced our primary home in SC to buy a condo in TN. We are selling our lot in a private campground in TN that we bought for $6,000 and will sell for around $30,000. We plan to use that money on the principle of our primary home mortgage. If so, will we have to pay capital gains?
 


L

loku

Guest
Yes, you will have to pay capital gains tax on the income. There is no exclusion for reinvesting the money in a new home.
 

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